Gold gearing up for another run at $1,250.00


  • Risk-off sees Gold taking another run at recent swing highs.
  • Souring market sentiment is seeing rapidly-increasing demand for safe-havens.

Gold is finding some continued buying support in Thursday's trading, lifting back into 1,236.00 as risk sentiment takes a turn for the worse in broader markets, and the safe-haven metal is finding support from yesterday's low of 1,225.00.

Global markets turned lower on Wednesday, sparking another round of bidding in the soft yellow metal as investors seek shelter amidst the fallout of equity routs around the globe.

US bonds continue to find their yields getting bolstered, driving action into the US Dollar, and the market moves are also seeing Gold prices back on the rise after several weeks of steady trading. As investors continue to seek somewhere safer to dump their cash holdings, the XAU/USD chart is leaning increasingly bullish as the in-demand metal rises from early October's lows of 1,180.00.

Gold levels to watch

Gold prices touched the 200-hour moving average yesterday at 1,225.00, and the week's high remains the current ceiling near 1,240.00, a three-month high for the commodity, while support is now built-in at the top of the previous range just north of the 1,200.00 major technical figure.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Upside stalls below 1.1700 as US dollar attempts a comeback

EUR/USD is consolidating the recent corrective advance towards 1.1700, as the US dollar attempts a comeback across the board, despite the risk-on market mood. Eurozone/ US Consumer Confidence data, Fedspeak in focus ahead of the first US Presidential election debate.

EUR/USD News

GBP/USD eyes 1.2900, Brexit brinkmanship, BOE’s Bailey in the spotlight

GBP/USD keeps buyers hopeful, despite the US dollar’s recent recoveries while holding gains above 1.2850. The cable extends gains, mainly driven by the Brexit-positive headlines but stays challenged ahead of the crucial departure talks in Brussels.

GBP/USD News

Gold looks north, two key levels to watch out

Gold started out the US NFP week on a solid footing, rallying nearly $20 on Monday. The metal bounced-off the SMA100 one-day support for the third straight day, courtesy of the broad retreat in the USD from two-month peaks.

Gold News

US CB Consumer Confidence Preview:  Neither happy nor sad

American consumer attitudes have recovered from their April pandemic low but they remain stalled far below their levels of last year. The Conference Board (CB) Consumer Confidence Index is predicted to rise to 89.2 in September.

Read more

WTI slips below $40.50 amid US dollar recovery, API data eyed

WTI refreshed the intraday low after reversing from $40.79. US dollar regains upside momentum amid hopes of further stimulus. Challenges to the US-China trade deal add downside pressure on oil prices. API data, USD moves become the key amid a light calendar.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures